In Rainbow City, a typical home is worth $223,000 and typical rent is $1,048 a month. Compared with all of Etowah County, the typical home value is 33% higher, typical rent is 24% higher, and the share of households that own their home is 8 points lower.
Typical home value from Zillow, September 2021 to September 2026: from $203,049 to $252,192.
From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).
Rainbow City is in Etowah County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Etowah County. See the county
What this place has that others do not, from public data, most unusual first.
1
Nearby, in Gadsden, the typical home value is $116,800: 48% less than in Rainbow City ($223,000).
2
Nearby, in Boaz, the typical rent is $663: 37% less than in Rainbow City ($1,048).
3
The typical home in Rainbow City is worth $223,000,33% more than in Etowah County as a whole ($167,100).
4
The typical rent in Rainbow City is $1,048 a month, 24% more than in Etowah County as a whole ($847).
5
66% of households in Rainbow City own their home, against 74% in Etowah County.
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Rainbow City
What homes there are in Rainbow City, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Rainbow City
Etowah County
Alabama
United States
Kind of home: Rainbow City and its comparisons
Measure
Rainbow City
Etowah County
Alabama
United States
Detached house
67%
79%
69%
61%
Attached house
Unreliable estimate
1%
2%
6%
Building of 2 to 4
8%
4%
5%
8%
Apartments (5 or more)
Unreliable estimate
7%
12%
19%
Mobile home
7%
9%
12%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
Detached houses are the majority in Rainbow City (67%), but less so than in Etowah County (79%).
Year built
Before 19601960–19791980–19992000–20092010 or laterUnreliable estimate
Rainbow City
Etowah County
Alabama
United States
Year built: Rainbow City and its comparisons
Measure
Rainbow City
Etowah County
Alabama
United States
Before 1960
Unreliable estimate
28%
16%
26%
1960–1979
35%
29%
26%
24%
1980–1999
30%
24%
29%
25%
2000–2009
22%
12%
15%
14%
2010 or later
9%
7%
13%
11%
Here half of the homes date from 1990 or later; in Etowah County, from 1975 or later.
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Under the limitOver the limitUnreliable estimate
Under $100K12%
$100K–$200K29%
$200K–$300K32%
$300K–$500K22%
$500K–$750KUnreliable
FHA limit: $541,287
$750K–$1MUnreliable
$1M or moreUnreliable
Value of owner-occupied homes: Rainbow City and its comparisons
Measure
Rainbow City
Under $100K
12%
$100K–$200K
29%
$200K–$300K
32%
$300K–$500K
22%
$500K–$750K
Unreliable estimate
$750K–$1M
Unreliable estimate
$1M or more
Unreliable estimate
The FHA limit for Etowah County is high ($541,287): at least 94% of owner-occupied homes in Rainbow City are worth less than $500,000.
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$99939%
$1,000–$1,49948%
$1,500–$1,999Unreliable
$2,000–$2,499Unreliable
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Rainbow City and its comparisons
Measure
Rainbow City
Under $500
Unreliable estimate
$500–$999
39%
$1,000–$1,499
48%
$1,500–$1,999
Unreliable estimate
$2,000–$2,499
Unreliable
$2,500–$2,999
Unreliable
$3,000 or more
Unreliable estimate
With a mortgage
$1,426 a month
Etowah County: $1,284 a month
Without a mortgage
$463 a month
Etowah County: $439 a month
Owners with a mortgage
51%
Etowah County: 45%
In Rainbow City, 51% of owners have a mortgage, and their typical cost is $1,426 a month, against $1,284 in Etowah County. Without one it drops to $463.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Rainbow City+34%
Etowah County+47%
Alabama+47%
United States+53%
Typical rent
Rainbow City+32%
Etowah County+27%
Alabama+27%
United States+33%
Typical household income
Rainbow CityNo clear change
Etowah County+22%
Alabama+27%
United States+29%
Change since 2015–2019: Rainbow City and its comparisons
Measure
Rainbow City
Etowah County
Alabama
United States
Typical home value
+34%
+47%
+47%
+53%
Typical rent
+32%
+27%
+27%
+33%
Typical household income
No clear change
+22%
+27%
+29%
Homes in Rainbow City gained value more slowly than in Etowah County: 34% since 2015–2019, against 47%.
The typical rent in Rainbow City rose 32% over the same time; in Etowah County, it rose 27%.
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Rainbow City and its comparisons
Measure
Rainbow City
Etowah County
Alabama
United States
Rental vacancy
Unreliable estimate
6.3%
7.2%
5.5%
Homeowner vacancy
Unreliable estimate
1.5%
1.1%
0.9%
More than one person per room
Unreliable estimate
2.0%
1.7%
3.4%
People per household
2.47
2.58
2.48
2.53
Drive alone
78%
87%
81%
69%
Carpool
Unreliable estimate
7%
8%
9%
Public transit
Unreliable estimate
Unreliable estimate
0%
3%
Walk or bike
Unreliable estimate
1%
1%
3%
Work from home
8%
4%
9%
15%
Other means
Unreliable estimate
1%
1%
2%
Typical commute
Unreliable estimate
20 to 29 minutes
20 to 29 minutes
20 to 29 minutes
By size, households in Rainbow City look like those in Etowah County: 2.47 people on average.
In Rainbow City, 8% of workers work from home, more than in Etowah County (4%).
Do the math
What would you pay each month for a home in Rainbow City?
A typical home costs more than the typical income allows
We start with a typical home in Rainbow City, worth $223,000, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 37% of the typical household income in Rainbow City, which is $56,398 a year. For that payment to be 28% of income, a household would need to earn about $74,727 a year.
The calculator's FHA and conventional loan limits are those of all of Etowah County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Rainbow City. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $7,805 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$1,744
at 7.18% · 30 years
Loan amount
$218,961
Total interest
$315,033
Paid off in
November 2056
Includes $3,766 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,316 a month
Tight
$1,316 to $1,692 a month
Hard
more than $1,692 a month
Your payment · 37%
Compared with the typical household income in Rainbow City ($56,398 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$1,483
Property tax
$69
Home insurance
$93
FHA mortgage insurance (MIP)
$99
You need at least $7,805 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $1,744; principal and interest $1,483.
The city and its county
Rainbow City and Etowah County
Rainbow City is in Etowah County, Alabama. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Rainbow City
Map of Etowah County, Alabama, with Rainbow City marked. Around it, the neighboring counties.
Rainbow City
Etowah County
Other cities with a page
Rainbow City's own numbers
Typical home value
$223,000
Typical monthly rent
$1,048
Typical yearly household income
$56,398
Households that own their home
66%
Effective property tax rate
0.37%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Etowah County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$975
Price change over 5 years (FHFA)
+54%
Homes in a high flood-risk zone
1.7%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Etowah County.
A typical home in Rainbow City is worth $223,000: 33% above the county and 6% above Alabama. With the typical household income in Rainbow City ($56,398 a year), a typical home costs 4.0 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Rainbow City4.0 years
Etowah3.1 years
Alabama3.3 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Etowah County
According to FHFA’s house price index, home prices in Etowah County rose 74% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Etowah County.
Yearly change in FHFA’s price index in Etowah County, 2016 to 2025
2016: +1.0% +1.0% 2016
2017: +0.2% +0.2% 2017
2018: +3.9% +3.9% 2018
2019: +4.1% +4.1% 2019
2020: +3.3% +3.3% 2020
2021: +10.5% +10.5% 2021
2022: +17.0% +17.0% 2022
2023: +7.1% +7.1% 2023
2024: +7.4% +7.4% 2024
2025: +3.5% +3.5% 2025
Change in FHFA’s price index in Etowah County, Alabama and the United States
Period
County
Alabama
U.S.
Last year (2025)
+3.5%
+2.5%
+2.9%
5 years (2020–2025)
+54%
+47%
+47%
10 years (2015–2025)
+74%
+77%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Rainbow City next to Etowah County, Alabama and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Rainbow City$223,000
Etowah$167,100
Alabama$209,900
United States$332,700
Typical monthly rent
Rainbow City$1,048
Etowah$847
Alabama$1,007
United States$1,413
Typical yearly household income
Rainbow City$56,398
Etowah$54,563
Alabama$63,999
United States$80,734
See the full table
Rainbow City next to Etowah County and Alabama
Measure
Rainbow City
Etowah County
Alabama
U.S.
Typical home value
$223,000 ▲33% above the county
$167,100
$209,900
$332,700
Typical monthly rent
$1,048 ▲24% above the county
$847
$1,007
$1,413
Typical yearly household income
$56,398 ▲3% above the county
$54,563
$63,999
$80,734
Households that own their home
66% ▼8 points below the county
74%
70%
65%
Typical yearly property tax
$826 ▲28% above the county
$645
$788
$3,119
Effective property tax rate
0.37% ▼0.02 points below the county
0.39%
0.38%
0.94%
Renters with high rent for their income
58% ▲10 points above the county
48%
49%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Etowah County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Rainbow City
For a typical $223,000 home in Rainbow City, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Rainbow City's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$1,744a month
Least cash to close
Down payment
$7,805
Cash to close
$14,495
Rate
7.18%
Mortgage insurance
FHA MIP · $99
Conventional, 5% down$1,703a month
Down payment
$11,150
Cash to close
$17,840
Rate
7.18%
Mortgage insurance
PMI · $106
Conventional, 20% down, no PMI$1,370a month
Down payment
$44,600
Cash to close
$51,290
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$1,576a month
Down payment
$33,450
Cash to close
$40,140
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Rainbow City
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$1,744
$7,805
$218,961
7.18%
FHA MIP · $99
$14,495
580
Conventional, 5% down
$1,703
$11,150
$211,850
7.18%
PMI · $106
$17,840
620*
Conventional, 20% down, no PMI
$1,370
$44,600
$178,400
7.18%
None
$51,290
620*
ITIN, 15% down (example)
$1,576
$33,450
$189,550
8.18%
None
$40,140
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in Rainbow City is $1,048 a month: 24% above the county. In Rainbow City, 58% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Etowah County, by unit size. To pay the 2-bedroom one ($975 a month) without spending more than 30% of your income, you would need to earn $18.75 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Etowah County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$679
$13.06
$27,160
1 bedroom
$830
$15.96
$33,200
2 bedrooms
$975
$18.75
$39,000
3 bedrooms
$1,235
$23.75
$49,400
4 bedrooms
$1,397
$26.87
$55,880
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Rainbow City
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Rainbow City is in ZIP code 35906.
For 2 bedrooms it is $1,170: $195 more than the fair market rent for Etowah County ($975).
Fair market rent by ZIP code and size in Rainbow City, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
35906
$810
$1,000
$1,170
$1,480
$1,680
ZIP code2 bd3 bd
35906 $1,170$1,480
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Rainbow City when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
HUD lists 4 buildings with rents for lower incomes in Rainbow City. These are the largest.
Columbia Square Towne Houses3428 Cahaba Ct, Rainbow City 35906100 homes, 80 low-income · For families(256) 442-6610
Meadow Oaks Apts3010 Jones St, Rainbow City 3590656 low-income homes · 2 bd: 30 · 3 bd: 20 · 4 bd: 6 · In service since 2001 · For families
Rainbow Apts120 Doris St, Rainbow City 3590652 low-income homes · 1 bd: 28 · 2 bd: 20 · 3 bd: 4 · In service since 1993 · For people with disabilities, families(256) 442-1985
Greystone2950 Jones St, Rainbow City 3590636 low-income homes · 1 bd: 4 · 2 bd: 20 · 3 bd: 12 · In service since 2006 · For people with disabilities, families
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
We found no HUD-approved agencies with an office in Etowah County. The nearest ones are below; many serve by phone or online.
No down payment, repair or rent-help program on our list is for Rainbow City or Etowah County. The ones below are statewide in Alabama: they work in Rainbow City the same as in the rest of the state.
Alabama state authority program with down payment assistance of 4% of the price (up to $10,000) as a 10-year second mortgage, alongside a 30-year fixed mortgage.Offered by Alabama Housing Finance Authority (AHFA).
Alabama state authority 30-year low-rate mortgage, for first-time buyers and for people who have owned a home before, with down payment assistance of 4% of the price, up to $10,000, as a ten-year second mortgage.Offered by Alabama Housing Finance Authority (AHFA).
Alabama state authority grant for closing costs with an HFA Advantage conventional loan: 1% of the loan if you earn up to 50% of the area median, or half a percent if you earn 50% to 80%.Offered by Alabama Housing Finance Authority (AHFA).
The HUD-approved agencies closest to the center of Rainbow City, in a straight line, nearest first. If one says it serves in Spanish, its card says so.
CA
Community Action Agency of Northeast Alabama, Inc.
No legal help resource on our list is for Rainbow City or Etowah County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Rainbow City and all of Etowah County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Rainbow City?
The typical home value in Rainbow City is $223,000, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Etowah County it is $167,100.
How much does it cost to rent in Rainbow City?
Typical rent in Rainbow City is $1,048 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Etowah County is $975.
What is the FHA loan limit in Rainbow City?
Rainbow City uses the FHA limit for all of Etowah County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.
How much property tax do owners pay in Rainbow City?
The typical homeowner in Rainbow City pays $826 a year, according to the U.S. Census Bureau. That is 0.37% of the home’s value; in Etowah County, the rate is 0.39%.
Where can I find free help to buy or rent in Rainbow City?
We found no HUD-approved counseling agencies with an office in Etowah County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.
